Applying for Aid — College of Medicine Students

4. Apply for Additional Funding — Loan Options

If you think you need additional funding, you have the option of applying for other loans. Loans are a type of aid that must be repaid; when deciding whether to borrow, you should examine your need for assistance and your future ability to repay.

The Federal PLUS Loan enables parents to borrow for each dependent student. Graduate and professional students are eligible to borrow provided they are enrolled at least half-time.

A Stafford Loan is a low-interest federal loan that can be subsidized or unsubsidized based upon the borrower's financial need.

Private education loans are credit-based consumer loans that can be used to pay education-related expenses.

What to Do

1. Select a Lender

You are free to select any lender you wish; however, Drexel has selected a number of lenders who offer the best benefits and services for our borrowers. Review our Recommended Lender Policy to learn more about the process we used to arrive at our selections.

• Visit SimpleTuition's lender comparison tool for Drexel borrowers to compare the borrower benefits offered by our recommended lenders.
• Note for PLUS Loan applicants: PLUS loans require an application each academic year. If you have previously borrowed a PLUS loan at Drexel, your prior lender, if available, will be automatically selected for your new loan unless you notify the SRC/Financial Aid Office in writing that you wish to choose a different lender.

2. Complete a Loan Application

• If you have chosen one of Drexel's recommended lenders, follow the application instructions on the SimpleTuition website or call your chosen lender directly to complete an application.
• If you request to borrow an amount that exceeds eligibility, Drexel will reduce the requested amount to comply with federal guidelines.
• Note for PLUS Loan applicants: PLUS loans require an application each year. If you would like to choose a lender not found on the SimpleTuition website, please complete the Drexel PLUS Loan request form and return it directly to Drexel's SRC/Financial Aid Office.
• Note for private education loan applicants: If you would like to choose a lender not found on the SimpleTuition website, complete the loan application directly with your chosen lender. The lender will then forward your application to Drexel.

Tips

• Lenders offer different borrower benefits, so carefully explore and compare your options before selecting a lender.
• Be sure to apply for additional loans early to avoid late fees due to an unpaid tuition bill.